Business, international

Starwood investment should help Sansiri in upturn

Article Abstract:

Starwood Capital Group has decided to invest in Thailand through its acquisition of 51% of Sansiri PCL because of the Thai firm's progressive debt-restructuring. Officials at Starwood noted that Sansiri's stance showed it is ready to take advantage of emerging opportunities in the real-estate field. Sansiri's tie-up with Starwood will focus on real-estate investment. Under the plan, Starwood will buy eight million shares at five baht each with rights to buy a total of 566 million new shares, also at the same price.

Apartment prices declined in Singapore in third quarter

Article Abstract:

The average price of private apartments in Singapore dropped to 5% and 11% during the third quarter of 1998. Apartments in prime sections of Singapore continued to show greater declines. On the average, prices for three-bed room apartments in prime sections were S$750 (US$450) per square foot. This was a 9% drop compared to the second quarter of 1998. Average prices outside of the prime areas fell 5%.

Comment:

Singapore: Average price of private apartments dropped to 5% and 11% during the third quarter of 1998